The Miami City Commission decided to postpone the sale of the historic Olympia Theater due to incomplete contract details. City Manager Art Noriega was authorized to negotiate, with a presentation due in September. The city plans to transfer the theater's deed to the public charter school Sports Leadership Arts Management (SLAM), which would restore the theater at an estimated cost exceeding $50 million. While commissioners supported the proposal, they pointed out that key aspects like appraised property value and public access specifics remain undecided.
The Miami City Commission has opted to delay its decision on the sale of the historic Olympia Theater after it became apparent during Thursday's meeting that several key details remained unresolved ahead of the highly anticipated vote.
Under the proposal, the city would transfer the deed of the 1926 theater to the public charter school Sports Leadership Arts Management, or SLAM for short.
A draft version of the contract lists the official sale price as $10. However, the restoration and renovations would cost upward of $50 million.
City commissioners generally expressed support for the proposal but said several key details are still not finalized or confirmed.
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